openPR Logo
Press release

Second Hand Tire Market to Grow at a CAGR of 4.0% and Expected to Reach $12.5 billion by 2032

01-22-2024 02:03 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied market research

/ PR Agency: Amit Kumar
Second Hand Tire Market

Second Hand Tire Market

Second hand tires provide a cost-effective and environmentally friendly alternative for vehicle owners. With their affordability, quality, and wide availability, they offer a practical solution for those seeking to replace their tires without breaking the bank. By choosing second-hand tires, individuals can save money, contribute to sustainability efforts, and still enjoy reliable performance and safety on the road.

Second Hand Tire Market by Type (Tube Tire, and Tubeless Tire), Design (Radial and Bias), and Vehicle Type (Two Wheelers, Passenger Cars, Commercial Vehicles, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global second hand tire industry generated $8.1 billion in 2018 and is anticipated to generate $12.5 billion by 2032, witnessing a CAGR of 4.0% from 2023 to 2032.

Download PDF Sample:
https://www.alliedmarketresearch.com/request-sample/157221

Prime Determinants of Growth:

The global second hand tire market is driven by factors such as growth in the number of automobiles, the advantages of second-hand tires, and the ready availability of second-hand tires. On the other hand, safety issues associated with second hand tires and strict government regulations restrict market growth. Moreover, a rising focus on sustainability across developed and developing economies presents new opportunities in the coming years.

COVID-19 Scenario:

The outbreak of the COVID-19 pandemic had a negative impact on the global second hand tire market, owing to the temporary closure of global trade during the lockdown, which halted the export and import of tires.

Not only the trade but also the sale of second hand tires was hampered due to the reduction in vehicle traffic on the roads across the world, especially in the initial period of the pandemic.

However, the global second hand tire market has recovered to normal levels and is growing rapidly.

The tubeless tire segment to maintain its leadership status throughout the forecast period-

Based on type, the tubeless tire segment held the highest market share in 2018, accounting for nearly three-fourths of the global second hand tire market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 4.2% from 2023 to 2032. Tubeless tires have been used in vehicles since the second half of the last century. In the 1950s, the U.S. introduced a regulation that made it compulsory to install tubeless tires in cars due to their enhanced safety. However, in developing nations, tubeless tires are still uncommon, especially in affordable segments of vehicles such as bicycles, motorcycles, and three-wheelers. This is primarily due to their expensive price and high cost of repair, and they can only be installed on an expensive non-spoked wheel.

Buy This Research Report (193 Pages PDF with Insights, Charts, Tables, Figures):
https://www.alliedmarketresearch.com/checkout-final/f6cb6000b9716566efc48d6367b2601b

The radial segment to maintain its leadership status throughout the forecast period-

Based on design, the radial segment held the highest market share in 2018, contributing to more than three-fifths of the global second hand tire market, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also portray the fastest CAGR of 4.2% from 2023 to 2032. Radial tires are more expensive than their counterparts; however, they have a two- or three-times longer lifespan than other tires due to their superior construction and the positioning of cord plies at 90 degrees to the tread. These tires also offer better fuel efficiency. Owing to its higher durability, the condition of a typical second hand radial tire is relatively better. Thus, the combination of factors such as cheaper cost and availability of well-conditioned second hand radial tires that offer reasonably all the benefits of new tires drives the growth of this segment.

The commercial vehicles segment to maintain its lead position during the forecast period

Based on vehicle type, the commercial vehicles segment accounted for the largest share in 2018, holding nearly three-fifths of the global second hand tire market revenue, and is projected to maintain its lead position during the forecast period. The same segment is also projected to manifest the highest CAGR of 4.4% from 2023 to 2032. Companies with large fleets of commercial vehicles often manage tire inventory and rotation to ensure balanced wear and maximize the lifespan of their tire sets. By incorporating used tires into their rotation strategy, they can extend the overall lifespan of their tire inventory and optimize costs. Moreover, commercial vehicle owners or operators, especially those with large fleets, may opt for second hand tires to reduce operating costs.

Asia-Pacific to maintain its dominance by 2032-

Based on region, Asia-Pacific held the highest market share in 2018, accounting for more than two-fifths of the global second hand tire market revenue, and is likely to dominate the market during the forecast period. The rising disposable income of the population has positively impacted the automotive industry in the region. There is a demand for affordable maintenance and solutions for vehicles, including tires. However, the Latin America region is expected to witness the fastest CAGR of 5.3% from 2023 to 2032. Latin America is a highly urbanized region, and demand for affordable transport solutions is high, which positively affects the demand for second hand tires.

Inquire Before Buying:-
https://www.alliedmarketresearch.com/purchase-enquiry/157221

Leading Market Players: -
2nd Time Around Tires, Allgemeine Gummiwertstoff und Reifenhandels GmbH, ASM Auto Recycling Ltd., BURD Automobile, Emanuel Tire, German Used Tires Co., JBees Tires, Liberty Tire Recycling, Tire Hut, Turak Tyres

The report provides a detailed analysis of these key players in the global second hand tire market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario

About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free:+1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog:
https://blog.alliedmarketresearch.com">https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Second Hand Tire Market to Grow at a CAGR of 4.0% and Expected to Reach $12.5 billion by 2032 here

News-ID: 3358656 • Views:

More Releases from Allied market research

Global Urinary Drainage Bags Market: Trends, Growth, and Insights to 2031
Global Urinary Drainage Bags Market: Trends, Growth, and Insights to 2031
The global urinary drainage bags market is experiencing robust growth, with its market size valued at $1.4billion in 2021 and projected to reach $2billion by 2031. This expansion represents a compound annual growth rate (CAGR) of 3.8% from 2021 to 2031, highlighting the increasing demand for these essential medical devices. Get a Sample Copy of this Report: https://www.alliedmarketresearch.com/request-sample/A17529 What Are Urinary Drainage Bags? Urinary drainage bags are specialized medical devices designed to collect
Cream Powder Market to Reach $8.9 Billion by 2031 with 6.4% CAGR
Cream Powder Market to Reach $8.9 Billion by 2031 with 6.4% CAGR
The global cream powder industry was estimated at $4.8 billion in 2021 and is expected to hit $8.9 billion by 2031, registering a CAGR of 6.4% from 2022 to 2031. The cream powder market is experiencing growth due to various factors, including the increasing popularity of bakeries and HoReCa (hotels, restaurants, and cafes) and rising consumer demand for natural products. The dairy-based segment is a significant contributor to the market's growth
Micro Drone Market Valued at $6.71 Billion in 2020, Expected to Reach $28.91 Billion by 2030; Growing at a CAGR of 17.2%
Micro Drone Market Valued at $6.71 Billion in 2020, Expected to Reach $28.91 Bil …
The global micro drone industry generated $6.71 billion in 2020, and is expected to reach $28.91 billion in 2030, witnessing a CAGR of 17.2% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario. Increased operational efficiency and rise in demand for improved surveillance drive the growth of the global micro drone market. However, strict
Microwavable Foods Market to reach $230.93 billion by 2031, growing at a CAGR of 5.6%
Microwavable Foods Market to reach $230.93 billion by 2031, growing at a CAGR of …
The global microwaveable foods industry was accounted for $120.45 billion in 2020, and is expected to reach $230.93 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. Rise in popularity of fast-food restaurants and large population base coupled with increase in number of quick-service restaurants drive the global microwaveable foods market. However, lack of awareness about microwavable foods hinders the market growth. On the contrary, rise in

All 5 Releases


More Releases for Tire

Tire Derived Fuel Market to See Booming Growth | Reliable Tire Disposal, Liberty …
Latest released the research study on Global Tire Derived Fuel Market, offers a detailed overview of the factors influencing the global business scope. Tire Derived Fuel Market research report shows the latest market insights, current situation analysis with upcoming trends and breakdown of the products and services. The report provides key statistics on the market status, size, share, growth factors of the Tire Derived Fuel The study covers emerging player's
Airplane Tire Market to See Huge Growth by 2027 | Qingdao Sentury Tire, Goodyear …
The latest study released on the Global Airplane Tire Market by AMA Research evaluates market size, trend, and forecast to 2027. The Airplane Tire market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors. Key Players in
Tire Recycling Market: How the Business Will Grow in 2025? Prominent Players: Mi …
Tire Recycling Industry 2019 report provides concentrated and in-depth analysis of the existing situation of the Global Tire Recycling market, along with market share, revenue, assertive perception and forecast 2025.the report also provides current Tire Recycling business situation along with a valid assessment of the Tire Recycling business. Tire Recycling report is partitioned based on driving Tire Recycling players, application and regions. Tire recycling, or rubber recycling, is the process of
Vacuum Tire Market Scenario Highlighting Major Drivers & Trends, 2019 – 2025 | …
Vacuum Tire Industry research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and
Tire derived Fuel Market | Top Key Players: Ragn-Sells Group, Liberty Tire Whole …
Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Tire derived Fuel Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026” offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years.
Global Tire derived Fuel Market Research Report 2018-2025 | Global Key -Liberty …
Looking at the current trends across the Tire derived Fuel market, a new study has been included to the wide database of Market Research Hub (MRH). The assessment is titled "Global Tire derived Fuel Market Insights, Forecast to 2025", which discourses the various market impacting factors like drivers, restraints and opportunities. Moreover, readers are informed about the competitive landscape which enlightens about the different players operating in the Tire derived